TRESCOWTHICK FACES COURT ON 30 CHARGES
October 8 2003

ADAM TRESCOWTHICK, Geelong Board Member and former Executive Chairman of collapsed retailer Harris Scarfe, has appeared in an Adelaide Court charged with:

• 17 counts of failing to act honestly in the exercise of his powers and the discharge of his duties as an officer of Harris Scarfe Holdings Limited,
• 13 counts of being, as a director of Harris Scarfe Holdings Limited, intentionally dishonest and failing to exercise his powers and discharge his duties in good faith in the best interests of the company, and
• Seven counts of disseminating information that to his knowledge was false in a material particular and likely to induce the purchase of securities by other persons.
  

The case was adjourned until December 19 2003.

The Harris Scarfe group of companies collapsed in early 2001 leaving debts of tens of millions of dollars. The company's reported profits were falsified to the Australian Stock Exchange in order to boost the company's share price and improve stock floats.

Former Harris Scarfe COO Daniel McLaughlin pleaded not guilty to 17 dishonesty charges, while former COO Alan Hodgson was sentenced to six years imprisonment after a guilty plea to over 30 charges.

Trescowthick is described by a Poppy King fansite as "chairman of Adelaide-based Harris Scarfe. His father is Sir Donald Trescowthick, a big, very rich, Melbournian business personality who rather, uninterestingly, described Poppy as "lovely, and charming". He has said he would like to expand the Poppy brand into a ‘lifestyle’ brand, included sunglasses etc…, and pit resources into a middle-market, high-end chemists etc…. "

In other news, the Institute of Chartered Accountants in Australia (ICAA) released a report on AFL Clubs' Annual Reporting. Amongst other things, it found that clubs, such as Geelong, attributed a significant portion of their expenditure to 'Other Expenses'. Geelong also did not estimate the potential future liability for player contracts.

The report also confirmed that the Cats had an average of just under 25,000 Members for the past three seasons.

I encourage you to read the articles below for your own information.

LINKS:

ICAA ’s ANNUAL REVIEW OF AFL CLUBS' FINANCIAL STATEMENTS

ASIC MEDIA RELEASE 18 JULY 2003

DELISTED.COM.AU ARTICLE ARCHIVE